Solar power buy now, pay later financier Brighte has laid off 15 per cent of its workforce as it looks to shore up its operations for the long haul.
“The industry that we’re in is really different to Afterpay. We’re not doing handbags, we’re not doing gym, we’re not doing jewellery, we’re doing something that’s going to give the household a hedge against rising prices, and so the demand is going to be high,” she said.
Ms McConnell said while Brighte had no immediate need to undertake another equity funding round, it was currently in the early stages of a capital raise process, working through budget planning and market sounding to guide the raise. Brighte would also be issuing another bond in September or October.Having ridden a wave of optimism since founding the company, Ms McConnell says it is a challenge to manage a team where some employees have only ever known good market conditions.
“I think the Uber email explained it really well – that there are people who are under 30 who’ve never seen financial crises, and then there are people who have lived through that. So, a big part of my job is talking to our team, and explaining what we’re doing.
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